Revealed - The Biggest Frustrations for Consumers With Online Payments
Remembering passwords (37%), inputting card details (33%) and the number of security steps required to complete a payment (25%) form are consumers biggest bugbears with online shopping
One quarter (26%) of UK consumers who have had a payment declined in the past 12 months admit that they don’t know why it was declined, according to new research from Trustly, the leading global payments platform for digital account-to-account transactions.
The data - which comes following warnings that ‘Strong Customer Authentication’ (SCA) fraud rules could see more online payments declined - highlights a concerning trend for businesses.
A third of respondents said that after their payment was declined just once, they’d give up on their purchase entirely. This is even more concerning when noting that less than a quarter (23%) of declined payments were caused by a lack of funds.
According to the survey, consumers' biggest frustrations with making online payments included remembering passwords (37%), inputting card details (33%) and the number of security steps required to complete the payment (25%).
It’s not only the common frustrations of online shopping that present a potential threat to businesses, but the speed of the check-out process too. Of those consumers who shop online, more than two in five said that the longest they’d be willing to spend in the online checkout process is two to three minutes, with just over one in five (28%) only willing to wait between 30 seconds and one minute.
“It’s incredibly disruptive - and often panic-inducing - when we see our card payments declined. And this is compounded when we don’t know why our payment can’t be processed”, said Ciaran O’Malley, VP of Ecommerce & Financial Services at Trustly.
This is one of the reasons we recently launched Trustly Express - which reduces the number of steps at the checkout for returning customers - to enable merchants to significantly improve the payment experience for their end users, driving increased conversion and customer loyalty”, added O’Malley.
These findings are part of Trustly’s 2022 Consumer Reporter which outlines the behaviours and preferences of UK consumer’s online shopping habits.
For more information, see our article - The key to successful selling online.
Methodology
The research was conducted by Censuswide, with 2,000 UK consumers about their shopping habits and payment preferences, both online and in-store. The survey was conducted in the UK between 04.02.2022-09.02.2022. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles.
About Trustly
Founded in 2008, Trustly is a global leader in Online Banking Payments. Our digital account-to-account platform redefines the speed, simplicity, and security of payments, linking some of the world’s most prominent merchants with consumers directly from their online banking accounts.
Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to the traditional card networks at a lower cost. Today we serve 8,100 merchants, connecting them with 525 million consumers and 6,300 banks in over 30 countries; and in 2020 we processed over $21 billion in transaction volume in our global network.
Trustly has more than 500 employees across Europe, North America, and Latin America. We are a licensed Payment Institution under the second payment services directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the US, we are state regulated as required to serve our target markets. Read more at www.trustly.com.